JPMorgan sustained losses of more than $6 billion last year as a result of a bad bet related to credit derivatives. The bet was so large that the trader said to be responsible earned the nickname “the London Whale.”

Regulators have ordered the bank to improve its money laundering prevention, risk management and internal auditing practices. And the bank’s board cut Dimon’s pay in half to $11.5 million, including a $10 million bonus.